Tesco Bank Home Insurance Cancelled

Tesco Bank Home Insurance Cancelled: What You Need To Know

Tesco Bank has recently announced that it will be cancelling its home insurance policies. This news has been met with shock and surprise from customers across the UK, as Tesco Bank has been a trusted provider of home insurance for many years. In this article, we will explore the reasons for this decision, and the implications for customers.

Why Has Tesco Bank Cancelled Its Home Insurance Policies?

According to the official statement from Tesco Bank, the decision to cancel its home insurance policies was taken due to a “significant increase in claims”. This suggests that Tesco Bank has been experiencing a surge in the number of claims being made against it, which has made it difficult for the company to continue offering home insurance policies to customers.

What Are the Implications for Customers?

The decision to cancel its home insurance policies will have a major impact on customers, particularly those who have taken out a policy with Tesco Bank in the past. Customers who currently have a home insurance policy with Tesco Bank will have their policies cancelled as of 31 August 2020. They will be eligible for a full refund of any premiums paid.

Furthermore, customers who have made a claim against their Tesco Bank home insurance policy will have their claim honoured. The company has pledged to continue to pay out any claims made against its home insurance policies, even if the policy has been cancelled. This means that customers who have recently made a claim will not be affected by this decision.

What Are the Alternatives?

For customers who are looking for a new home insurance policy, there are a number of alternatives available. Many of the major insurers, such as Aviva, Direct Line and LV=, offer comprehensive home insurance policies. Customers can compare and contrast the different policies available in order to find the best option for them.

It is also worth noting that some specialist insurers may offer cheaper home insurance policies than the major insurers. However, it is important to ensure that the policy you choose offers the same level of cover as the Tesco Bank policy. It is always best to read the terms and conditions of the policy before you commit to it.

Conclusion

The decision by Tesco Bank to cancel its home insurance policies is a major blow to customers. It is important to note, however, that customers will be eligible for a full refund of premiums and that claims made against their policies will be honoured. Furthermore, there are a number of alternatives available for customers looking for a new home insurance policy. It is important to do your research and compare the different policies on offer in order to find the best option for your needs.